Word: broker
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Died. Sara Delano ("Sally") Roosevelt, 13, daughter of F.D.R.'s only Republican son, Manhattan Investment Broker John; of an intracranial hemorrhage, after a horseback spill one day and a fall while hiking the next day at a girls' camp; near Utica...
...change means that investors need now put up only $700 instead of $900 to buy each $1,000 worth of stock. The other 30% of the price of the stock is bought on credit, covered by a loan made by the broker, on which the customer pays 4½% to 5% interest. The Fed's move actually affects a small-but important-part of the market, since only some 20% of all shares traded on the New York Stock Exchange are on margin. With less "down payment" required, an investor is now able to increase his stock holdings immediately...
...unfair. Says Isaac W. Burnham II, senior partner of Burnham & Co.: "To exact 90%, 80% or 70% margin on the world's most liquid collateral-listed securities-is outrageous. The Fed ought to set margins at 50% and leave them there; 50% is adequate protection for customer and broker...
...Other brokers laid the blame for the sudden jumps and dips at the dancing feet of Nicolas Darvas, of the ballroom team of Darvas and Julia (TIME, May 15, 1959). His book, How I Made $2,000,000 in the Stock Market, published five weeks ago, has already sold more than 100,000 copies. A key part of Darvas' system is the use of the "stop-loss order"; e.g., an investor with a stock selling at 40 instructs his broker to sell if the price dips below 38 to limit his loss. The catch is that if the only...
...skills in the only way possible-on the job. The son of an Irish cop who had the Wall Street beat, Coleman quit high school after a year to go to work as a page boy at the New York Stock Exchange at 14, went to work as a broker at 21. At 22 he borrowed $81,000 from his employer, Specialist Edwin H. Stern, to buy a Stock Exchange seat, has been there ever since. He has been chairman of the exchange, has been a member of the exchange's board of governors for 16 years...